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Weekly Silver Review: COMEX Futures Hit Three Year Top Above $27.50 Per Pound
(06-Apr-2024, 12:28 Hours IST)  
COMEX Silver futures have been racing higher amid excellent buying in precious metals as prices broke above $27 per ounce and hit a three year high of $27.60 per ounce. Silver has zoomed up nearly 11% in April 2024, after clocking a near 9% gain in the previous month. Generally supportive risk appetite has boosted the commodity in recent weeks despite firm US dollar index. Demand from industrial sector is also looking supportive. March saw the rate of growth in global manufacturing production accelerate to its fastest since June 2022, as new order inflows strengthened. The upturn in output also broadened by both nation and sector, with expansions seen in the consumer, intermediate and investment goods industries and in 16 of the 32 countries for which data were available. The J.P.Morgan Global Manufacturing PMI ? a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ? posted 50.6 in March, up from 50.3 in February and its highest reading since July 2022. The PMI has now signalled marginal improvements in overall operating conditions in each of the past two months.

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